? GBP/USD Bull Flag Pattern in Wave 4 Pullback ?

3 min read

Hi traders,

the GBP/USDis building a bull flag chart pattern after a strong bullish momentum. A continuation higher is possible and will most likely aim at the 50% Fibonacci retracement level of wave 4 vs 3. Ps. do not forget to check out our upcoming 3x Forex seminars on trading in Europe!

GBP/USD

4 hour

A GBP/USD bullish breakout and bounce at the 50% Fib could complete the wave C (blue) of wave Y (purple) of wave 4 (pink). A bullish break above the 61.8% Fib, however, could indicate a different wave pattern than the expected wave 4 (pink) correction. A break below the support trend lines (blue) confirms the end of wave 4 (pink) and the start of a wave 5.

1 hour

The GBP/USD bullish breakout above the resistance trend line (dotted red) confirmed a wave 5 (brown) of wave 3 (orange). Now price seems to be building a bull flag continuation chart pattern as price is moving lower slowly and choppily. A bullish bounce at the Fibonacci levels of wave 4 vs 3 (orange) and a break above the next trend line (red) could confirm the wave 4 (orange) retracement and the start of a 5th wave. A break below the 61.8% Fib indicates a different wave scenario.

For more daily wave analysis and updates, sign-up up to our ecs.LIVE channel.

Good trading,
Chris Svorcik
Elite CurrenSea

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of

🍿️ Discover your path to a 100% yearly returns over the convos with Chris Svorcik!

X